identity theft

It’s the theft of information about you — information that can be used by fraudsters to pretend to be you and get access to a number of perks using your good name.

Whether your credit card number has been stolen, or whether someone is using your information to qualify for a car loan, it’s possible for someone else to pretend to be you.

Your stolen identity can impact you and your finances.

Obviously, if someone steals your credit card information and makes purchases, that can impact your abilities to use your own financial resources — at least until you take action. If someone is using your card for purchases, you could be denied when you go to make purchases later. And, if someone uses your information to open a loan, it shows up as your debt in your credit report. If the fraudster isn’t making payments, it’s your credit that is sunk.

Once you realize that your identity has been stolen, it’s important to take action.

Disclaimer

Free From Broke is for general information or entertainment purposes only and does not constitute professional financial advice. Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation.

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